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Optimise Retail Financial Products Pricing and Bundling

FinAnswers finds the optimal bundle and pricing for financial products like insurance, loans and credit cards to maximise either sales, revenue or gross margin.

Who is it for

Managers of Retail Financial Products – Insurance, Loans and Credit Cards.

How it works

An single existing product is chosen along with a set of up to 3 potential competing brands. Then each feature, such as fees, rewards and other benefits are expanded to cover possible variations.

FinAnswers generates a systematic experiment for deployment to a target sample group , which may be the general population, a list of existing customers or a targeted segment. Result are collected and modelled automatically.

The final results are embeddded in a model explorer that allows prediction of market share and revenue of any product configuration from the variations chosen.

Typical output

Results are provided in a standalone simulator that allows exploration of all possible product configurations and the calculation of predicted market share, sales and revenue. The simulator also shows the features that are driving choice and the dollar value customers place on each.

By using the simulator, optimal pricing for either sales, revenue or gross profit can be discovered.

Typical benefits

While results of predicted return vary depending on the product, in every case a significantly better product configuration can be discovered that currently deployed.

Turnaround

4 weeks.

What’s included

  • Workshop to refine business objectives
  • Test against up to 4 competitors
  • Test up to 2.1 million permutations
  • Customer-specific psychographics
  • Creation and hosting of survey
  • Sourcing and managing sample of  1,000 respondents
  • Analysis and interpretation
  • Report on optimal pricing and bundling strategy
  • Standalone ‘what-if’ simulator to explore alternate strategies

Price

Contact SurveyEngine for a quote.

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